TransferWise

TransferWise is a peer-to-peer money transfer service launched in January 2011 and based in London. The commission charged is usually 0.5% and money is converted at the interbank rate, in contrast to the company setting a premium rate.

> @misaizdaleka said:
> I just gave it a try and Transferwise is working perfectly with the US payment service.

@misaizdaleka that's great.

Could you please give more details about the kind of transfer you performed? e.g.

- Is you Payoneer USPS account hosted with First Century Bank or Bank of America?
- What source currency was used and from which continent/country?
- What kind of transfer did TransfeWise (ACH, Intlernational wire, etc.) finally use to credit your Payoneer USPS check account?
- How did you manage the TransferWise requirement by which you must inform the paying party the US state where the destination account is based?

Hi, I'm still trying to see what is the advantage of transferring from one payment solution to another. In addition, why have so many connecting intermediary stops? Is the payment arriving from a freelance market place, or an individual client?
I'm just curious. thanks!

> @Dan_Payoneer said:
> Hi, I'm still trying to see what is the advantage of transferring from one payment solution to another. In addition, why have so many connecting intermediary stops? Is the payment arriving from a freelance market place, or an individual client?
> I'm just curious. thanks!

Joined just to reply to this comment. Payoneer and Transferwise offers slightly different services. They don't allow mastercard in our country, while payoneer does. If I have money with them and want to somehow load it to my account to pay someone else, I would really like to have the opportunity to do so.

Having too many stops aren't bad. On the other hand, it enables us to have more freedom, it'll be a bigger and better network and the clients won't have to worry much about payments anymore.

One of my clients has US bank account however he was never successful to load money from his US bank account to the payoneer account using e-check without hassle, it would always take 7-14 days whereas previously it would take only 2-3 days. After the same thing happening around 5-6 times, it gave us really bad experience. So we decided to use transferwise for that.

You see why it's need to have multiple payment solution linked to one another? It gives people freedom.

I would like to 2nd the sentiments above, i signed up to Transferwise because of individuals not able to send payments because i haven't reached the USD$5000 threshold as of yet, i do vacation rentals on booking.com and i need to be able to get a deposit for all bookings to be 100% sure persons are coming, i have a lot of US and Great Britian guest and it is very difficult to get these monies.

@entrptaher , Did your client try to send you the payment in other forms than an electronic check?
For instance, if he's a small or medium business, he can opt to send the payment in an ACH transfer.
Let me know if i'm missing any detail here please.